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Buying And Selling Vehicle


ukrbyk's Avatar
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11-08-12, 06:16 PM   #1  
Buying And Selling Vehicle

Here's scenario

Well, I don't know more trustworthy folks than those here, hence posting it here

My son bought a Mazdaspeed about 4 mths ago. Had a little bit of loan on it, and just paid it off.
Of course, now he wants to sell it and buy a hybrid. Sure, bank told him it may take up to 2 mths to have title on hand.

Is there something he can do to be able to sell that car? We do not want to trade in.

 
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PJmax's Avatar
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NJ

11-08-12, 06:22 PM   #2  
You want to sell it before you have the title ? Is that your question ?


Last edited by PJmax; 11-08-12 at 07:08 PM. Reason: replaced "bill of sale" with title
 
ukrbyk's Avatar
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11-08-12, 06:28 PM   #3  
well, not sure. Car is paid for as of 2 days ago. He had bill of sale from dealership (say, 4-5 mths ago). Now he wants to sell it a private party, but does not have title on hand.
So how do we sell it?

 
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11-08-12, 06:34 PM   #4  
I don't know the actual answer to your question but you can't sell a vehicle without a bill of sale. You could apply for a lost title but it would still take time and would probably have the lien holders name on it. Even if you tried to sell the vehicle..... no one would take it without a clear title. Unfortunately you are at the mercy of your loan company. Maybe you could ask them to expedite the process as you have an immediate need to sell the car.


Last edited by PJmax; 11-08-12 at 07:01 PM. Reason: clarification
 
ukrbyk's Avatar
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11-08-12, 06:50 PM   #5  
OK, I am lost. I do not know what you mean by bill of sale in this case. He needs vehicle title. It's his car, he bought it fair ans square from dealer and had loan via local bank. Now, because loan was involved, bank is title owner. They now need to process his full payment, and issue a title in his name, as legal owner, as before, during the loan period, bank was vehicle owner.
So bank told him, it may take up to 2 months for title to arrive.
My question is - are there ways to LEGALLY sell HIS car, with something like a "loan release" or "temporary title" or whatever, instead of waiting 2 months for title to arrive.

 
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11-08-12, 07:06 PM   #6  
I clarified my post. I used bill of sale where I should have used title.

I was cruising around and found this site.How to Sell a Car When the Bank Has the Title - CarsDirect

 
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11-08-12, 07:14 PM   #7  
Every state is different but in Texas you can get a bonded title if you don't have one. Whether your state allows that or it would be quicker I don't know. If you do have bonded title in your state you might want to contact an insurance agent that issues title bonds.

Bonded Title Procedure

If you do not have acceptable evidence of ownership for a vehicle you own, you may have the option of applying for a bonded title.

Step 1: Determine your eligibility
In order to qualify, you must be a Texas resident or military personnel stationed in Texas; or
Have a vehicle that was last titled in Texas, and
The vehicle must be in your possession and cannot be considered abandoned, junked, stolen, or in any other pending lawsuits. Although not required to be operational, it must be a complete vehicle including a frame, body and motor or if a motorcycle, a frame and motor.

If you meet the above eligibility requirements, you may take or mail the following documents to your nearest TxDMV Regional Service Center:
A Statement of Fact for Bonded Title (VTR-130-SOF);
A Statement of Physical Inspection (VTR-270);
All supporting evidence of ownership (Bill of Sale, Invoice, Cancelled Check, etc.);
$15.00 Bonded Title Application Fee; and
Acceptable Photo ID which must include a photograph, unique identification number, birth date, and expiration date.


I can explain it to you, but I can't understand it for you.

 
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11-09-12, 03:26 AM   #8  
IMO, two months is ludicrous. Only the government is that slow . Here, you can sell a car with a bill of sale, and the title can be transferred upon arrival from the state. Sometimes you sell a car with a lien on it anyway, and the payoff is made from the proceeds of the sale, so the title won't be available until payoff and paper work is initiated. Bills of sale are available online or on certain programs you may already have on your computer. I have an old "Family Lawyer '99" program that has blank forms on it.

 
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11-09-12, 10:34 AM   #9  
Thanks all. He needs to go to his BECU bank and have that discussed with them or, at least, with local licensing, which is across the street from our gym he goes to daily anyway.
I don't think there should be any issue. Worst come to worse, he can go to the bank with buyer, and t-fer ownership via bank. Buyer gets temporary registration, title in buyer name comes in in mail later on.

 
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